Wicket-keeper without pads

During a recent T20 Cup Final, one of the sides wicket-keeper did not wear pads but did wear gloves. Is this allowed in the Laws? Didn't he have an advantage when running after the ball?

The relevant Law is Law 27 (The wicket-keeper) which states that the wicket-keeper is the only fielder permitted to wear gloves and external leg guards. There is no mention of the word 'must' in the Law, therefore he does not infringe Law 27 if he does not wear the protecive equipment

If the wicket-keeper stands a very long way back or in a position very wide of the strikerís wicket, or if before the ball is received he starts to run far into the outfield, Law 27 stipulates that the umpires will not consider him as a wicket-keeper and therefore he should not be wearing any protective equipment. The various provisions of Law that apply specifically to a wicket-keeper will not then apply to him. For instance If he fields the ball under these circumstances he cannot effect a stumping or he may be guilty of illegal fielding and its consequences

It is for the umpires to judge whether or not his position and movement are appropriate to his role as a wicket-keeper.

Read more about Law 27 (The wicket-keeper) at the MCC website